Weekly Newsletter - 12.07.2022 23:17
July 2022 Issue 2
In this week's newsletter;
-Dxy's sharp rise, Eur/Usd parity levels after 20 years and global troubles
-Btc/Usdt, Eth/Usdt
-Dominance and Altcoins
1-Dxy vs EurUsd
Dxy 1D: https://www.tradingview.com/x/FjgGWlu1/
EurUsd
EurUsd 1D: https://www.tradingview.com/x/Nv84RUYA/
After DXY, which took action before the CPI data that will come on Wednesday in the USA, the Eur / Usd parity fell to the lowest levels in 20 years. With the dollar index reaching 108 levels, global recession and liquidity problems become more evident. Some examples that we see on social media are that 4 banks in a region of China freeze user accounts and do not allow access to accounts.
The dollar index seems to have turned the figures of 105.8 into support. If it hangs below this level, it will cause some global relief. Levels of 110 draw attention in the upper levels.
1-1 dollar exchange rate in the Euro zone, markets that do not react to the interest increased by the ECB, etc. signals major problems. While the 0.99-98 band stands out as an important support in the Eur/Usd parity, which is important in the import-export balance, the 1.03 levels are still important as resistance.
2- BTC and ETH
BTC 1D:https://www.tradingview.com/x/iuDsonVf/
EthUsd
EthUsd 1D: https://www.tradingview.com/x/Rq8IM0Qv/
The continuation of the problems experienced in the global, like the liquidity problems, causes the bearish market in crypto to continue. 19k is working as an important support for Bitcoin, which has faced resistance in the 22K region this week. We recommend that you be careful in your transactions in closings below 19K. The 16K region can work as the closest and solid support region. Although closes above 22K have the possibility of relieving the market up to the 25K region, we will see how much this can happen.
On the eth side, the $1250 region continues to operate as an important resistance zone. The $ 1000 level, on the other hand, appears as a support because it is both a historical and a psychological figure. The loss of the 1K level increases the panic atmosphere in eth, but it seems to have the possibility of pulling the price up to the $800 level.
3-Bitcoin Dominance
Btc.d 1D: https://www.tradingview.com/x/586J0RF0/
Contrary to the expectations of many on Twitter and other social media for a possible bull in altcoins, we cannot say that the btc.d parity is showing a complete weakness yet. The dominance, which is 44%, does not yet show any kind of MSB (Market Structure Break) in technical terms. With the global liquidity problems, it would be a normal expectation to wait for the crypto money to exit and to start collecting the remaining money on the BTC side. In technical terms, btc.d will have an appearance targeting 48 in daily closings above 44.4. In the most positive outlook for altcoin investors, it looks like btc.d should lose 43.3 while btc/usd remains stable.
In summary, we are still in a period where we are faced with the fact that it is not the right time to be an investor in altcoins. It would be our humble advice to be careful in your positions.